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Getty Realty Increases Credit for Acquisitions

$175 million revolving credit facility can be upped to $300 million if necessary.

April 1, 2007, 08:00 pm

JERICHO, N.Y. -- Getty Realty Corp., a real estate investment trust with more than 1,050 properties owned or leased in the northeastern U.S., amended and restated its senior unsecured revolving credit facility through JPMorgan Chase Bank N.A. to increase the aggregate amount of credit available to $175 million.

"We are pleased to expand our banking relationships with JPMorgan and all of the original participants in the restated facility, each of which substantially increased their commitment to the facility," said Leo Liebowitz, Getty's chairman and CEO. "This increased credit facility will permit us to continue our focus on profitable growth through acquisitions of quality properties throughout the United States."

As part of the transaction, Getty Realty can extend the term for an additional year past March 2011, and increase the amount of credit by an additional $125 million to $300 million, on the approval of Getty Realty's board of directors and the bank syndicate. It also reduced the interest rate on certain borrowings by 0.25 percent.